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Despite an extended bear market in cryptocurrencies that has seen the value of most digital assets plummet, the majority of Dogecoin ($DOGE) holders are still making money. Dogecoin was inspired by memes.
Since then, DOGE’s popularity has decreased among a general decline in the cryptocurrency industry. However, Coinbase, a Nasdaq-listed cryptocurrency exchange, has lately lost ground to the cryptocurrency’s market cap.
Over the past 12 months, the cryptocurrency with meme-inspired currency has lost over 50% of its value amid a general bad market in cryptocurrencies. As the cryptocurrency increased by over 10% over the previous six months, it has been rebounding during the past several months.
As reported by CryptoGlobe, earlier this year, the biggest whale on the cryptocurrency network moved over $280 million in bitcoin to a new address, which has now grown to be the network’s fifth-largest address.
The largest Dogecoin address on Explorers has been revealed to be a component of the commission-free trading platform Robinhood. This address is famous for once holding 28% of the circulating supply of the meme-inspired cryptocurrency (NASDAQ: HOOD). The address is just their cold storage wallet, which is where user funds are kept if the whale is actually Robinhood.
Some claim that Elon Musk, the CEO of Tesla, Twitter, and SpaceX, owns the wallets. Musk has advocated promoting DOGE on social media, referring to it as his favored cryptocurrency, and included it as a means of payment for Tesla products.
on-chain analysis service Data made available by Lookonchain shows that the whale address contributed substantial amounts of tokens at times that matched Elon Musk’s tweets about cryptocurrencies, identifying Musk as the address’ owner.
Keep in mind that these inflows may also be related to $DOGE investors moving their funds to Robinhood to trade the cryptocurrency in response to Musk’s remarks, given that he has a history of manipulating the market.
According to reports, after the cryptocurrency’s spectacular 10,000% price increase, search interest in the meme-inspired coin soared, rising from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.
Since then, DOGE’s popularity has decreased among a general decline in the cryptocurrency industry. However, Coinbase, a Nasdaq-listed cryptocurrency exchange, has lately lost ground to the cryptocurrency’s market cap.
